SciVision Biotech Inc. (1786) AI Stock Analysis

SciVision Biotech Inc.

(TWSE:1786)

Select Model

Rating:64Neutral

Price Target:TWD 50.00▼(-3.85% Downside)

Action:initiatedcoverage

Date:11/09/26

The score reflects a financially sound but currently underperforming business. SciVision Biotech's conservative balance sheet and best-in-class gross margins above 70% are offset by stalled revenue growth, a roughly one-third decline in net income, compressed operating margins, and a near-total erosion of free cash flow amid a sharp rise in capital spending and a doubling of debt. Technically, the stock has regained short-term footing above its 20- and 50-day averages with constructive MACD and RSI readings, but it remains below its 100- and 200-day averages, signaling the longer-term downtrend is intact. Valuation is balanced: a 19.4 P/E on depressed earnings is fair rather than compelling, while a 4.06% dividend yield offers income support. Recovery in margins and cash conversion is the key factor to watch.

Positive Factors

Strong gross-margin structurePersistently high gross margins indicate that the company’s products retain meaningful economic value and pricing or cost advantages. This provides a durable base for profitability and gives management room to fund development and commercialization, even when revenue growth fluctuates.

Negative Factors

Sharp revenue contractionThe abrupt 2025 revenue decline represents a material operational reset and raises questions about the durability of recent demand and commercialization performance. Unless growth recovers, a smaller revenue base can weaken operating leverage, reduce development capacity, and pressure future earnings.

SciVision Biotech Inc. (1786) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 3.77B
Dividend Yield: 3.67%
Average Volume (3M): 418.80K
Price to Earnings (P/E): 21.4
Beta (1Y): 0.38
Revenue Growth: -2.25%
EPS Growth: -15.57%
Country: TW
Employees: 1,947
Sector: General
Sector Strength: 55
Industry: Medical - Instruments & Supplies

SciVision Biotech Inc. Business Overview & Revenue Model

Company Description

SciVision Biotech Inc. develops and manufactures medical-grade hyaluronic acid products in Taiwan. The company offers synovial fluid supplements, facial dermal implants, absorbable adhesion barriers, and intravesical instillation products. It also in...

SciVision Biotech Inc. Financial Statement Overview

Summary

SciVision Biotech combines a strong balance sheet with weakening operating momentum. Gross margins remain premium at roughly 72%, and the capital structure is conservative, with equity funding about 74% of assets and debt-to-equity at only 0.24. However, revenue was flat at NT$887M after three years of double-digit growth, operating margin fell from 33.7% to 21.4%, net income dropped about 33% to NT$162M, and return on equity slid to 8.2%. Cash flow is the weakest link: operating cash flow fell 54% to NT$124M and free cash flow collapsed about 90% to NT$22M as capital spending tripled, leaving free cash flow at just 18% of net income. Solid solvency offsets a clear earnings and cash-conversion down cycle.

Income Statement

64Positive

Balance Sheet

76Positive

Cash Flow

52Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	889.15M	886.62M	883.31M	712.99M	557.35M	505.54M
Gross Profit	610.15M	638.39M	655.68M	512.49M	371.87M	341.84M
EBITDA	261.80M	270.35M	362.50M	281.35M	238.28M	177.27M
Net Income	178.11M	162.34M	242.25M	177.90M	141.72M	101.72M
Balance Sheet
Total Assets	2.51B	2.67B	2.35B	2.16B	2.10B	2.26B
Cash, Cash Equivalents and Short-Term Investments	905.67M	1.05B	871.43M	804.06M	673.89M	695.84M
Total Debt	485.61M	485.13M	224.24M	347.91M	416.05M	635.37M
Total Liabilities	721.03M	689.35M	457.43M	533.66M	587.30M	812.06M
Stockholders Equity	1.79B	1.98B	1.90B	1.63B	1.51B	1.45B
Cash Flow
Free Cash Flow	52.77M	22.46M	234.99M	257.17M	163.24M	72.73M
Operating Cash Flow	118.78M	123.99M	269.87M	272.01M	178.21M	98.51M
Investing Cash Flow	-169.36M	-142.74M	97.52M	-213.37M	49.59M	-77.00M
Financing Cash Flow	135.76M	158.53M	-172.52M	-134.53M	-299.71M	240.06M

SciVision Biotech Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:1786 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1777	76Outperform	TWD 3.34B	9.97	―	5.35%	-1.07%	10.62%
TW:1783	76Outperform	TWD 3.16B	9.18	―	5.67%	8.14%	29.10%
TW:1786	64Neutral	TWD 3.89B	21.40	―	3.67%	-2.25%	-15.57%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4120	40Underperform	TWD 3.85B	-6.67	―	9.02%	3.77%	-78.32%

* General Sector Average

Performance Comparison

TW:1786 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:1786	SciVision Biotech Inc.	52.00	-20.15	-27.93%
TW:1777	SYN-TECH Chemical & Pharmaceutical Co. Ltd.	74.80	0.94	1.28%
TW:1783	Maxigen Biotech Inc.	35.25	-7.29	-17.13%
TW:4120	Orient Europharma Co., Ltd.	44.35	2.18	5.18%
TW:6838	Formosa Pharmaceuticals, Inc.	20.60	-6.85	-24.95%
TW:6885	BRIM Biotechnology, Inc.	26.85	-3.00	-10.05%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 09, 2026

SciVision Biotech Inc. AI Stock Analysis